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absco

clipping; noun

someone who leaves secretly and hides himself/herself from others.

The term was most likely coined as a shortening of absconder, similarly to how info is a clipping of information. Perhaps the speaker was using short words and didn't feel like saying the entire word 'absconder' and so shortened it to 'absco'. Another possible reason for this coinage, although not as likely, might have been to have an alternative to the derogatory word 'asshole', which is a more general word of hate.